Monday May 11, 4:07 pm Eastern Time
Company Press Release
Saint Andrews Golf Corp. Announces Transaction with Callaway Golf Co.
LAS VEGAS--(BUSINESS WIRE)--May 11, 1998--Saint Andrews Golf Corp. (NASDAQ:SAGC - news) announced the completion of a purchase and sale of Saint Andrews' 80% interest in the Callaway Golf Center in Las Vegas to a wholly owned subsidiary of Callaway Golf Co [NYSE:ELY - news].
The agreement provides Saint Andrews an option to repurchase its interest in the property for a specified period.
Ron Boreta, president and chief executive officer of Saint Andrews, stated: ''We are pleased with this sale of our interest in the Callaway Golf Center to Callaway Golf. The sale not only solidifies the balance sheet of Saint Andrews as it moves forward in the continuing development of our All-American SportPark, but it significantly increases Callaway Golf's commitment to the Center. The Callaway Golf Center and the All-American SportPark entertainment complex, when completed, will greatly complement each other and add a significant attraction to Las Vegas.''
''We are happy with our arrangement with Saint Andrews and very excited about having a greater role in the operation of the Callaway Golf Center which Saint Andrews successfully developed,'' said Donald H. Dye, president and chief executive officer of Callaway Golf.
The Callaway Golf Center includes The Divine Nine(R) par three golf course, a 110 tee-station driving range, the Callaway(R) Golf Performance Center(tm), David Leadbetter Golf Academy(R), Saint Andrews(tm) Golf Shop, Callaway(R) Golf Apparel by Nordstrom Boutique and Bistro 10 restaurant.
Saint Andrews Golf Corp. is the owner and developer of the All-American SportPark, a live-action, sports-oriented theme park currently under construction. It will feature sporting activities in its four major attractions: All-American SportPark Pavilion; Major League Baseball(R) Slugger Stadium; NASCAR(R) SpeedPark; and the All-Sport(R) Arena.
The Callaway Golf Center and the All-American SportPark are located adjacent to each other, 3 miles south of the central hotel/casino area known as ''The Strip'' on Las Vegas Boulevard at Sunset.
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Contact:
Saint Andrews Golf Corp.
702/798-7777
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